, Columnist
Tech IPOs Aren’t the Milestones They Once Were
Changes in capital markets and startups have made going public less momentous.
More like a light clap than thunderous applause.
Photographer: Timothy A. Clary/AFP/Getty Images
This article is for subscribers only.
Later Thursday, Lyft Inc. will most likely sell its first batch of stock as a public company. It’s a milestone for the on-demand transportation company, and it will officially kick off the great tech unicorn IPO barrage of 2019.
Depending on your perspective, this flood is either validation for the class of companies created since smartphones and cloud computing made new technology businesses possible or a sign that startups are rushing to catch the last innings of the decade-long U.S. stock market expansion.